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Acquisition (Tables) | 3 Months Ended
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Mar. 31, 2013
Acquisition [Abstract] |
Fair Values of Assets Acquired, Liabilities Assumed, and Consideration Paid | The merger with First Capital was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration paid were recorded at their estimated fair values as of the merger date, as summarized in the following table (in thousands):
Consideration Paid: |  |  |
Common shares issued (888,811) |  | $ | 12,354 |
Cash paid to shareholders |  |  | 7,828 |
Total value of consideration paid |  |  | 20,182 |
Identifiable Assets Acquired: |  |  |  |
Cash and cash equivalents |  |  | 17,632 |
Investment securities: |  |  |  |
Available-for-sale |  |  | 21,606 |
Held-to-maturity |  |  | 384 |
Federal Reserve Bank stock |  |  | 157 |
Federal Home Loan Bank stock |  |  | 763 |
Loans, net |  |  | 98,899 |
Premises and equipment, net |  |  | 3,729 |
Bank owned life insurance |  |  | 3,687 |
Core deposit intangible |  |  | 2,574 |
Other real estate owned |  |  | 127 |
Deferred income taxes |  |  | 504 |
Other assets |  |  | 1,150 |
Total identifiable assets acquired |  |  | 151,212 |
Liabilities Assumed: |  |  |  |
Deposits |  |  | 136,823 |
Long-term debt |  |  | 1,792 |
Other liabilities |  |  | 819 |
Total liabilities assumed |  |  | 139,434 |
Total Identifiable Net Assets Acquired |  |  | 11,778 |
Goodwill resulting from merger |  | $ | 8,404 |
Acquired Loans Accounted for in Accordance with FASB ASC 310-30 | The following table details the acquired loans that are accounted for in accordance with FASB ASC 310-30 (in thousands):
Contractually required principal at acquisition |  | $ | 103,456 |
Contractual cash flows not expected to be collected (nonaccretable difference) |  |  | (3,409 | )
Expected cash flows at acquisition |  |  | 100,047 |
Interest component of expected cash flows (accretable discount) |  |  | (1,148 | )
Fair value of acquired loans |  | $ | 98,899 |
Unaudited Pro Forma Information | The following table presents unaudited pro forma information as if the merger with First Capital had occurred on January 1, 2012 (in thousands). This pro forma information gives effect to certain adjustments, including purchase accounting fair value adjustments, amortization of the core deposit intangible, and related income tax effects. It does not include merger and data conversion costs. The pro forma information does not necessarily reflect the results of operations that would have occurred had the merger with First Capital occurred in 2012. In particular, expected operational cost savings are not reflected in the pro forma amounts.
|  | Three Months Ended |
|  | March 31, |
|  | 2013 |  |  | 2012 |
Total revenue |  | $ | 9,688 |  |  |  | 10,466 |
Net income |  |  | 2,115 |  |  |  | 2,555 |
Basic earnings per common share |  |  | 0.28 |  |  |  | 0.34 |
Diluted earnings per common share |  |  | 0.27 |  |  |  | 0.33 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 54 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 55 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -Subparagraph r(2, 3) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the reconciliation of contractual cash flows to the carrying amount relating to certain loans acquired in a transfer. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
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